As indicated in the chart - the steepness of the BTCUSD chart has increased (is increasing).
Therefore the trendline has changed from purple - to orange - to green. Consequently Bitcoin will follow some pattern which is more likely to be close to the blue drawing. I disagree with the general consensus here on tradingview which is represented by the black arrow pointing at the dotted black line (extension of the orange trend line).
My prediction is a short term retracement to the 7000/6900 level followed by a bullish run starting around mid/end september up to 30K at least.
This is no financial advice, just my humble opinion. Trade safe and the best of luck to you all !
Comment
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Please do not focus to much on BTCUSD hitting exactly 7000 or 6900 - this should be considered as an rough approximation. If you want to make some short term trades with fixed targets please look for other charts!
My main intention of this chart is to point out that I do not believe in Bitcoin reaching lower lows based on its previous development and the present fundamental indicators.
Moreover there are many positive developments going on right now - above all the ETF application of the CBOE. I am totally aware, that there is a possibility that this application will be rejected in the end of september. But I strongly believe that this would only represent a postponement of a inevitable step which will occur sooner or later ( in my opinion mid 2019 the latest - sooner is more likely).
Now something to consider for all of you chasing after your financial goals: I personally only follow a long term strategy - I buy when it's cheap (of course you wont get the perfect dip 99% of the times - but who cares when you are after gains >100%) and then I hold. I don't even sell the highs. It's just too stressful for my approach - I do not want my emotions to be hard wired to stock prices. Do not let your investments control your mood! Focus on the bigger picture. Your crypto investments should enrich your life - provide you with more confidence, not limit you in any way.
Therefore I would recommend to you only to invest in coins which have long term potential - mostly the big players with a bright vision you can strongly believe in. Of course it is ok if you are into ICO's, flipping and short term trades - but if you want to be relaxed and present in your everyday life this may not be the most reasonable approach...
Majority of Tview BTC shorters don't understand exponential growth curves of disruptive technologies...This should be their wake up call.
TheGreatBatsby
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@MFINITI, like the cell phone? or computers? oh wait, those got cheaper.
MFINITI
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@Ibatman, Cell Phones and Computers didn't solve the double spend problem. Cell phones and computers did not need to be digitally mined. Cell Phones and computers do not have a limited supply. Cell phones and computers do not get harder to get as time goes on. Cell phones and computer prices cannot be compared to bitcoin prices. Cell phones and computers are not digital currencies.
@MFINITI, ROFLOL, maybe you should think about new hobbies?
MFINITI
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@Ibatman, Why is that? Talk about premature "you got owned" comment. You're acting like BTC is 4K XD. So far this chart is spot on. Long term bullish view remains. You have the CEO of NASDAQ bringing BTC to every 401K in America.
MFINITI
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Phenomenal.
UnknownUnicorn2774089
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I love log scale, it paints really bad news into good news.
eminenceheld
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@LeoKim, could you please eloborate in Detail, what you mean with "really bad news" ?
vpata
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Makes sense and I like it. But in crypto everything is possible.